Otto Excuses Himself

HAMBURG, Germany -- Michael Otto, the German billionaire who controls a majority of Spiegel Inc., says he doesn't believe he acted improperly during the months leading up to the catalog retailer's filing for bankruptcy protection.

"Overall, I don't have a bad feeling about it. I'm not a specialist in U.S. law and can only rely on the advice I'm given from professionals," Mr. Otto said. "Unfortunately, not every business...